Solar Panel Cost Guide in Old Tappan, NJ (Sep 2022)

  • Old Tappan Solar Installation Cost: $9,055
  • 25-Year Savings: $8,950
  • Payback Period: 12.6 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Old Tappan

Let's take a look at the average cost of solar in Old Tappan.

Although the national average of solar panels is $2.66 per watt, solar panels in Old Tappan typically cost about $3. The average solar panel system size in Old Tappan is around 4.7 kilowatts, meaning a cost of about $9,055 for a solar installation, or $6,701 after the 30% federal solar tax credit is applied.

The true cost of your system can be higher or lower than the average in Old Tappan based on several factors, such as the model of solar panels you choose and the solar installer you hire. Even with the significant upfront cost, the average Old Tappan homeowner can save around $15,000 on their power bills over 20 years, which is one of the perks of solar.

You can click the button below to get connected with a pre-vetted solar company in Old Tappan for a quote for your home.

Solar savings over time in Old Tappan

Year Return on Investment
1 years $-8,335
3 years $-6,895
5 years $-5,454
7 years $-4,014
9 years $-2,573
11 years $-1,133
13 years $307
15 years $1,748
17 years $3,188
19 years $4,628
21 years $6,069
23 years $7,509
25 years $8,950

Top Solar Installers in Old Tappan

Although it's possible to install solar panels on your own, it involves extra time and expertise. For that reason, most people choose to hire a solar panel installer. The expertise that solar installers offer can be helpful as well, especially if you aren't sure what type of solar equipment you need.

If you're searching for a solar installer in Old Tappan, we've organized a list of our top suggestions here:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

See all of the solar companies in Old Tappan

Factors that Affect Solar Panel Costs in Old Tappan

For many Old Tappan homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Old Tappan, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you'll pay, which we'll go over below.

Solar Equipment Size

The size of the system you need is one of the largest factors that influences the overall cost of installing solar panels. Because of that, it's important to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use. The model of solar panels and equipment you choose is another factor that will considerably influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Furthermore, solar equipment goes beyond just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that's in your budget.

Solar Financing Terms

Solar panels can save you money on energy bills over many years, but they can also be a big investment. That's why many Old Tappan homeowners decide to finance their solar panel systems to offset upfront costs. Though solar loans make going solar more accessible for Old Tappan homeowners, they can also add to the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.

Solar Panel Installation Company

The solar installer you go with to handle your switch to green energy can have an effect on your total costs. There are about 3 solar panel companies in Old Tappan, and each can charge varying amounts for labor and equipment. You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those major players.

Solar Panel Cost Data by System Size

System size Cost per system watt Solar system cost 25-Year savings Payback period
6 kW $2.88 $12,099 $11,055 13.1 years
8 kW $2.83 $15,822 $15,050 12.8 years
10 kW $2.77 $19,390 $19,200 12.6 years
12 kW $2.71 $22,803 $23,506 12.3 years
14 kW $2.66 $26,060 $27,967 12.1 years
16 kW $2.60 $29,163 $32,582 11.8 years
18 kW $2.55 $32,110 $37,353 11.6 years
20 kW $2.49 $34,902 $42,279 11.3 years

Solar Incentives in Old Tappan

Name NJ Clean Energy- Residential New Construction Program
Incentive Amount Incentives depend on the HERS score and the classification
Single family homes: Ranges from $1,125 to - 24,250
Multi-single homes: Ranges from $1,125 to $18,188
Multifamily homes: Ranges from $625-$12,125
Incentive Max Multifamily: up to $12,125
Individual homes: up to $24,250
Website Visit here
More Info Click here

Name Property Tax Exemption for Renewable Energy Systems
Incentive Amount 100% of value added by renewable system
More Info Click here

Name ITC
Type Tax Incentive
Incentive Amount 26% of installation cost
Website Visit here

Name Solar Renewable Energy Certificates (SRECs) Registration Program
Incentive Amount Determined by the market.
In June 2016, SREC traded at an average price of $229.90.
Incentive Max Maximum price set by the SACP for the particular year.
Website Visit here
More Info Click here

Name PSE&G - Solar Loan Program
Website Visit here
More Info Click here

Name Successor Solar Incentive (SuSI) Program
Incentive Amount Net-Metered Residential: $90/SREC-II

Small Net-Metered Non-Residential located on Rooftop, Carport, Canopy and Floating Solar
Projects smaller than 1 MW (dc): $100/SREC-II, $120 for public entities
Projects 1 MW to 5 MW (dc): $90/SREC-II, $110 for public entities

Net Metered Non-Residential Ground Mount
Projects smaller than 1 MW (dc): $85/SREC-II, $105 for public entities
Projects 1 MW to 5 MW (dc): $80/SREC-II, $100 for public entities

Community Solar LMI: $90/SREC-II
Community Solar Non-LMI: $70/SREC-II
Incentive Max MW-DC Capacity Blocks
Net Metered Residential: 150 MW
Net Metered Non-Residential: 150 MW
Community Solar (LMI and Non-LMI): 150 MW
Website Visit here
More Info Click here

Name Solar Energy Sales Tax Exemption
Incentive Amount 100% exemption
Incentive Max None
More Info Click here

How to Save on Solar Panels

The solar panel company you opt for will influence not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should take into account, such as:

  • Installation Process: Make sure you're aligned with the installer in regard to how the installation process will go and what you need to do before your solar panel system is installed, such as updating or replacing your electrical system or roof.
  • Contract: When reading over your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
  • Solar Panel Brands: Different companies offer different brands and models of panels. If you want a specific brand, make sure the solar panel company you're considering has it.
  • Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

EcoWatch's Old Tappan, NJ Solar Cost FAQs

What is the average cost of installing solar panels in Old Tappan?

The average cost of solar panels in Old Tappan is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you use.

Is it better to lease or buy solar panels in Old Tappan?

Leasing solar panels can be an appealing choice, because it commonly comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.

Do solar panels increase the value of your home?

Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."

What solar power system size is right for my home?

To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.

Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert’s opinion on the top solar companies featured here, follow this link.

Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.

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